Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
7373387 | Mathematical Social Sciences | 2016 | 4 Pages |
Abstract
I define constant, increasing and decreasing returns to scale in the production of innovations that occur randomly with a probability that depends upon resources spent in research. I analyse the mathematical representations of random processes of innovation that exhibit constant, increasing or decreasing returns to scale in that sense and determine their respective functional forms. I also give two complementary conditions, which are respectively sufficient for increasing returns to scale, and decreasing returns. Finally, as a particular case, I show processes that use only one factor of innovation and satisfy constant returns form a one-parameter family.
Related Topics
Physical Sciences and Engineering
Mathematics
Applied Mathematics
Authors
Louis Corriveau,